Editor: Pat Williams. E-mail pwilliams@creditman.co.uk
John Arnold. E-mail jarnold@creditman.co.uk
Site: Business Credit Management UK
URL: http://www.creditman.co.uk
Issue: Vol 4 Issue 36
Dated: 8 October 2000
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
Monday 16 - 17 October 2000
104th FCIB International Round Table and Workshop, NogaHilton Geneva Hotel, Geneva, Switzerland
FCIB INVITES YOU to participate with other leading international credit and financial managers in an exchange of trade credit and finance experience. Delegates and their partners are also invited to a welcome reception the previous evening hosted by ABN AMRO Bank and to be guests at dinner on Monday evening. We also hope you will attend our International Workshop scheduled for Tuesday, October 17th, 2000 to be facilitated by (Allan) Russell KENNARD, MBA, AIMC, of Kennard & Co.
This is the latest in a series of conferences FCIB has conducted in various European commercial centres to study and discuss a wide variety of international trade credit and finance questions and topics submitted by the membership. FCIB has been providing a full range of international credit and financial services since 1919. The European Chapter was established in 1967 and FCIB now serves members located in some 25 countries.
Contact Tim Lane on +44 (0) 1865 481 630 during working hours or visit
http://www.fcibglobal.com/newsite/events/fintl1000.html
(Allan) Russell KENNARD, M.B.A. (Bradford) A.I.M.C. F.C.I.B. Independent Management Consultant trading as KENNARD & CO, PO BOX 819 Stoke on Trent Staffordshire ST4 6QQ ENGLAND http://www.arkennard.co.uk
Associate Member of the UK Institute of Management Consultancy (IMC). Registered Consultant with the UK Institute of Credit Management (ICM). Member of the US National Association of Credit Management (NACM) Association of Executives in Finance, Credit & International Business (FCIB). Licensed by the UK Office of Fair Trading and registered under the Data Protection Act and with HM Customs and Excise (for Value Added Tax).
UKUK INTEREST RATES -THE BRITISH CHAMBERS OF COMMERCE AND CBI COMMENT
CHAMBERS WELCOME CONTINUED INTEREST RATE STABILITY
Reacting to this weeks decision by the Bank of England's Monetary Policy Committee to hold interest rates at six per cent, Dr Ian Peters, Deputy Director General of the British Chambers of Commerce (BCC) said:
''Business will welcome this continued period of interest rate stability. With inflation below the Bank's target for seventeen consecutive months, intense domestic competition and the strength of sterling against the euro are continuing to keep prices in check.
''A slowing in the housing market, equity prices and average earnings suggest that domestic demand is under control. Only by squeezing profit margins and scaling back investment plans are UK manufacturers continuing to achieve marginal growth.
''We would urge the Chancellor to tread carefully in his November Pre-Budget. Any further largesse would put at risk the longest period of stable interest rates since the MPC was established in June 1997.''
CBI BACKS BANK OF ENGLAND DECISION TO KEEP RATES ON HOLD
The Confederation of British Industry backed the Bank of England's decision to keep interest rates on hold.
Kate Barker, CBI Chief Economic Adviser, said: "Business sentiment has just taken a knock because of the fuel crisis. It would have been poor timing to raise rates when the full impact of the blockade remains uncertain.
"We believe that another rise this year may prove unnecessary. Firms remain focused on cost control in the face of powerful global competition. This should offset inflationary pressure caused by falling unemployment."
GUIDANCE FOR FIRMS WHO MONITOR E-MAILS AND PHONE CALLS
Minister for e-Commerce and Small Business Patricia Hewitt last week published draft regulations setting out the conditions in which businesses can record and monitor e-mails and phone-calls.
The regulations allow business and public authorities to record or monitor communications without the caller's consent in such cases as:
Ms Hewitt said:
"These draft regulations need to strike the right balance between protecting the privacy of individuals and enabling industry and business to get the maximum benefit from new communications technology.
"These regulations will not lead to significant changes in normal business practice in normal business practice. But they will help users of e-commerce to be confident about giving information over the telephone, e-mail or internet."
"We have worked closely and constructively with the Small Business Service and consulted widely with business to improve the drafting of these regulation."
These regulations will reassure businesses, who can be confident that their normal business practice will not fall foul of the law.
The new regulations come under the Regulation of Investigatory Powers (RIP) Act. The Act establishes a new legal framework to govern the interception of communications in the course of their transmission on public or private telecoms systems. It also establishes a basic principle that communications may not be recorded or monitored without the consent of the senders and recipients. The purpose of the Lawful Business Practice Regulations is to make sure that legitimate business practices are not prevented by the new regime.
The Act reflects the changes which have taken place in the communications industry over the last 15 years. It also ensures that the UK's interception regime is compliant with the Telecoms Data Protection Directive which requires Member States to protect the confidentiality of communications. The Lawful Business Practice Regulations take advantage of the scope allowed by the Telecoms Data Protection Directive for Member States to limit the general prohibition on interception without consent in order to ensure that businesses may record or monitor communications to obtain evidence of transactions or other business communications.
The Government has developed the regulations in close consultation with those businesses and individuals affected by them. In a consultation exercise on the proposals from 1 August to 15 September 2000, DTI received over 80 responses from businesses, representative organisations and private individuals, and conducted extensive discussions with interested groups.
A Response to Consultation and a Summary of Consultation Responses will be published on the DTI website at http://www.dti.gov.uk/cii/regulation.html in the week starting 2 October.
The Regulations will come into force on 24 October 2000.
CBI WELCOMES CHANGES TO NEW REGULATIONS FOR MONITORING E-MAILS AND PHONE CALLS
The Confederation of British Industry has welcomed changes to the draft regulations for monitoring e-mails and phone calls, published by the government.
Nigel Hickson, Head of E-business at the CBI, said: "The changes to the regulations represent a big step forward. Ministers have recognised that companies need to monitor communication for a whole range of reasons, including ensuring that employees adhere to best practice.
"Overall this is a significant improvement. It is disappointing that the government did not consult business earlier as we would like to have avoided unnecessary conflict over the summer."
RETAIL SALES GROWTH AT ITS SLOWEST RATE FOR 17 MONTHS - CBI SURVEY
Retail sales volumes grew in September at the slowest annual rate for 17 months, a slowdown that may partly reflect the impact of the recent fuel crisis.
This is the main finding of the Confederation of British Industry's (CBI) latest monthly Distributive Trades Survey, which covers sales from 6 to 26 September 2000.
Forty four per cent of retailers reported a rise in sales volumes, while 30 per cent reported a fall. This gives a balance of plus 14 per cent - the lowest since May 1999 when the balance was plus 11 per cent.
This is the second consecutive month that annual retail sales growth has slowed. It is also the fourth consecutive month where volumes were below expectations. Companies again expect retail sales to pick up in October though expectations are the least positive since May last year. Average figures over the past three months show the underlying trend is stable.
Compared to a year ago, companies reporting the largest increases in sales in September were booksellers and stationers, grocers and durable household goods retailers. Companies reporting falling volumes were off licences, specialist foods, furniture and carpets, and clothing retailers . All other sectors reported higher sales.
Alastair Eperon, Chairman of the CBI's Distributive Trades Panel, said: "Retail sales growth is holding steady overall, although volumes are falling in some sectors. With inflationary pressures still subdued, there is nothing in this survey that points to a need for a rise in interest rates.
"The fuel crisis clearly had an impact as deliveries failed to arrive and shoppers stayed at home. However, the full effect of the blockade remains uncertain. It is likely that some but not all of the lost sales will have been recovered in subsequent weeks."
Orders placed with suppliers rose in September, exceeding August's growth. Thirty six per cent of firms said orders increased, while 28 per cent said orders decreased. This gives a balance of plus eight per cent, which compares with plus five per cent in August. Companies expect orders to remain stable over the next month.
Wholesalers reported a rise in sales volumes during September - the greatest increase since February 1998. They predict sales will rise even more quickly over the coming month. They believe business is above average for the time of year.
Motor traders said annual sales volumes fell sharply in September. They expect a smaller fall in the year to October. They believe business is well below average for the time of year, although to a lesser extent than in the two previous surveys.
ADVANCE ENERGY STATISTICS
Provisional statistics showing energy production and consumption and petroleum product prices in the three months to August 2000 were published on the 3 October 2000 by the Department of Trade and Industry. Some figures for typical retail prices of motor spirit and diesel fuel in September are also given.
Production of indigenous primary fuels in the three months to August 2000, at 65.6 million tonnes of oil equivalent, was 2.0 per cent lower than in the corresponding period a year ago. Production of coal and petroleum fell by 14.8 per cent and 7.3 per cent respectively, whilst production of gas rose by 17.0 per cent. Production of primary electricity fell by 15.0 per cent because of the closure of one nuclear station and a higher level of outages for maintenance, repair and refuelling. Gas production was higher as exports more than trebled.
Total inland consumption of primary fuels, which includes deliveries into consumption, during the three months to August 2000, at 47.6 million tonnes of oil equivalent, was 1.8 per cent higher than that recorded for the same period a year ago. Consumption of coal and gas rose by 6.6 per cent and 7.5 per cent, whilst consumption of petroleum and primary electricity fell by 1.9 per cent and 13.7 per cent respectively. Coal consumption rose because coal was used at power stations to make up for the continuing shortfall in nuclear electricity, while gas use rose because the particularly cool July temperature stimulated space and water heating demands.
Total use of petroleum, including non-energy use, in the period June to August 2000 was 19.1 million tonnes, 2.7 per cent lower than a year earlier. Energy use was similar to last year (down 0.1 per cent) while non-energy use decreased by 10.6 per cent. Total motor spirit deliveries decreased by 3.9 per cent, with deliveries of unleaded petrol 2.5 per cent higher. In the period, unleaded petrol deliveries (excluding Lead Replacement Petrol (LRP)) represented 92.6 per cent of total motor spirit deliveries, compared with 86.8 per cent a year earlier. Derv fuel deliveries increased by 1.7 per cent, while deliveries of other gas diesel oils, primarily used for heating purposes, rose by 0.9 per cent. Fuel oil deliveries fell by 25.2 per cent, continuing its decline as a source of energy for industry and electricity generation. Deliveries of other products increased by 6.6 per cent with increased deliveries of aviation turbine fuel (up 7.1 per cent), burning oil (up 6.4 per cent) and liquefied petroleum gases (up 1.4 per cent).
The prices of motor spirits have fallen slightly in the month to mid September, however the price of diesel has risen. In terms of prices at the pump, the prices of premium unleaded and lead replacement petrol (LRP) have fallen by 0.3 and 0.1 pence per litre respectively, compared to the mid August prices, however the price of diesel has increased by 1.6 pence per litre.
In the year to mid September 2000, rises of 7.0, 5.7 and 7.4 pence per litre were seen for premium unleaded, LRP and diesel respectively - these represent increases of around 7 to 10 per cent in the price of these fuels.
In the month to mid-August the price of super unleaded rose by 2.1 pence per litre and was around 4 per cent higher than a year ago; an actual increase of 3.3 pence per litre.
NEW FINANCE DIRECTOR TO JOIN THE POST OFFICE
Marisa Cassoni is to be appointed to the Post Office Board as Group Finance Director with effect from January 2001.
She joins the Post Office from Britannic Assurance plc where she has been Group Finance Director since 1998.
Ms Cassoni (48) began her financial career in Deloittes where she qualified as an accountant and rose to Corporate Finance Manager. After a move to the Prudential she was appointed Financial Controller of their Home Service Division in 1991. She joined the Board of the Prudential UK Division as Finance Director in 1994. Since 1998 Ms Cassoni has been Group Finance Director of Britannic Assurance plc
The appointment carries an annual salary of £295,000. Ms Cassoni has not been involved in any political activity in the last five years and she has held no other Ministerial appointments.
Companies House has ended a concession made to companies who file their accounts up to three days after the due date and who would otherwise have paid a Late Filing Penalty. The concession will not apply to accounts delivered late on or after 1 October 2000.
The three-day concession was introduced in 1994 in response to the claim that companies were unfamiliar with the Late Filing Penalties system. It gave a measure of relief to companies who had had a "within time" filing history in the period following the introduction of penalties in 1992.
Speaking about the concession's withdrawal, John Holden, Chief Executive at Companies House, said:
"The Companies Act creates a clear duty on company directors to ensure delivery of their companies' accounts to Companies House by the due date. The concession was introduced to meet a need at a time when Late Filing Penalties were new and unfamiliar.
"The Late Filing Penalty system has now been around long enough for company directors and their advisors to have become familiar with it and we have a well-tried system of issuing reminders, so there is no longer a justifiable case for the concession. Delivery of accounts by the due date is just one, relatively straight-forward responsibility of company directors."
CREDIT ALERT SERVICE?
This week I received the following e-mail.
I was wondering whether you are aware of a credit alert service in the UK that is similar to that provided by NACM (National Association of Credit Management) whereby members send email alerts to all other members when they have a debtor problem.
Can anybody help?
Please e-mail Simon Towns si_towns@hotmail.com with a copy to jarnold@creditman.co.uk
CREDIT 2001
Credit 2001 is three events in one -
Credit 2001 Exhibition - free entry to pre-registered visitors (saving £10).
Credit Summit - high level conference for senior credit managers and FDs
Free Credit Briefings & Workshops - the educational forum for the whole credit department
*** CREDIT 2001 Exhibition ***
Bigger than ever before Credit 2001 will be one of the first exhibitions to run in the newly refurbished Olympia. With many exhibitors already confirmed, the scope of the services they offer has widened this year; so whether you are looking for expert systems, tracing agents, law firms, scoring solutions or any credit management related activity, Credit 2001 will be a superb day out of the office.
And if you need further reasons to visit, remember Softworld Accounting & Finance is running at Olympia at the same time, and the Credit Today Awards are taking place on the first night of the event (7th March 2001).
And even the catering has been improved! To visit the event please email creditevents@advanstar.com to receive details of how to register.
To exhibit at the event please contact fmcintyre@advanstar.com
*** CREDIT Summit ***
The high level Credit Summit is destined to be packed full of strategic advice, comment and debate. Aimed at Senior Credit Managers and Finance Directors the final agenda will be available mid November. Look out for some spectacular keynotes too…
Email: creditevents@advanstar.com to be kept up to date.
*** CREDIT Briefings ***
Continuing our series of FREE seminars, the briefings will offer informative advice on all practical issues surrounding credit management. These educational forums offer inspirational training for the whole credit department from new starters through to experienced credit professionals.
Make sure you receive your Briefings agenda by emailing creditevents@advanstar.com
*** FIRST EVER National Credit Week ***
Credit 2001 is the focus of the first ever National Credit Week. Every aspect of the commercial and consumer credit industry will fall under the spotlight from 4-10 March 2001.
With both exhibitors and visitors all taking part, this initiative aims to highlight everything from the credit options available to small businesses, the slow payment issue and the impact of legislation through to bad debt problems experienced by compulsive shoppers. If you would like your company to take part please contact Louise@Findlay-Wilson.co.uk for further details.
FIRST CONTRACT UNDER NEW ECGD FACILITY HELPS FINANCE MAJOR RUSSIAN GAS PIPELINE
Richard Caborn, the Minister for Trade, on the 5 October announced that, thanks to a new ECGD finance facility, British companies are set to take part in the construction of a 1,160 kilometre Black Sea pipeline to take gas from Russia to Turkey (the "Blue Stream" project). The pipeline will enable Gazprom of Russia to increase gas supplies to Turkish gas utility, Botas, and meet Turkey's growing demand.
The first case under the "Good Projects in Difficult Markets" scheme, developed by ECGD, is set to provide employment for a number of companies around Britain. The scheme has allowed ECGD to support business with Russia for the first time since early 1998.
UK-based companies Saipem UK and Sonsub Limited will be providing goods and services worth up to US$123 million, including specialist pipes being produced by Corus Pipes Ltd of Corby, as part of a construction contract led by Saipem SpA of Italy.
The contract is being backed by a finance package from Italian export credit agency SACE. ECGD has agreed to reinsure SACE for the goods and services sourced from Britain.
Mr Caborn said:
"This is an extremely important project which will help meet Turkey's ever growing energy needs, provide a source of needed finance for Russia and, not least, valuable work for British manufacturers. None of this could have happened without close co- operation between the export credit agencies and a great deal of flexibility and imagination on their part."
The "Good Projects in Difficult Markets" scheme enables ECGD to consider providing export credit cover for developments in countries where cover is otherwise unavailable or restricted. In this particular case finance is being made available to a special offshore company, Blue Stream Pipeline Company BV, registered in the Netherlands and owned on a 50/50 joint venture basis by Gazprom of Russia and Italian gas supply and transmission company SNAM SpA (part of the ENI Group). A loan is to be secured from the assignment of receivables from an existing off-take arrangement between SNAM and Gazexport, the arm of Gazprom responsible for gas sales abroad.
The overall project will cost some US$3.2 billion. SACE, the Italian export credit agency, has agreed to support a US$1.13 billion loan to cover the engineering, procurement and construction work to be undertaken by the Italian main contractor, on the basis that foreign export credit agencies will reinsure them for the value of work to be sourced from their own countries.
The UK supply is being financed from a loan arranged by Joint Arrangers, BCI, Mediocredito and WestLB.
ECGD will be providing reinsurance under the terms of a co-operation agreement signed with SACE in May this year. This is the first contract to be financed under the arrangement. The contractors for the offshore section of the project are: Saipem SpA (Italy), Bouygues Offshore SA (France), Katran-K (Russia), and the consortium between Japanese trading companies Mitsui and Company, Sumitomo Corporation and Itochu Corporation (Japan).
Turkey had the fastest growing gas market in the world during most of the 1990s. Between 1990 and 1997 there was a 200% increase in overall demand for gas in the country.
*** FORTHCOMING CREDITORS MEETINGS ***
Contributed byhttp://www.insolvency.co.uk
For more detailed information and ALL the British Isles insolvency's (liquidation's, receiverships, administrations, dividends, creditors) please visit http://www.insolvency.co.uk
From 09/10/2000 to 17/10/2000 Number of Creditor meetings : 105 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 09/10/2000 Cameron Clothing Ltd 11.00 am Glasgow 10/10/2000 Sign Here! Franchising Ltd 03.00 pm Manchester 12/10/2000 G W Wallace Ltd 02.00 pm Glasgow 17/10/2000 Interior Wall Systems Ltd 11.00 am East Linton Peking Inn Ltd 02.30 pm Glasgow Total Quality Steels Ltd 12.00 pm Glasgow 23 Administrator Calling a meeting of Creditors 10/10/2000 Parkwood Mellowes Ltd 02.30 pm Birmingham 48 Receiver calling unsecured Creditors Meeting 10/10/2000 Kelly Technical Services Limited 02.00 pm London Pernickety Ltd 11.00 am Manchester 11/10/2000 Acorn Fabrics International Ltd 10.00 am Sheffield 67 Scotland - Receiver calling Meeting of unsecured Creditors 09/10/2000 Village Inns (Scotland) Ltd 11.00 am Glasgow 10/10/2000 St Andrews International Ltd 10.00 am Edinburgh 98 Creditors Voluntary Liquidations 09/10/2000 A J Reeves & Co (Birmingham) Ltd 10.15 am Warwick Alteriors Ltd 12.00 pm London Coolsign Ltd 12.00 pm Woodford Green Curvegold Ltd 10.30 am Guildford Dialtone Solutions Ltd 11.30 am London Horizon Interactive Technologies Ltd 10.30 am Worthing Just Baked Ltd 11.00 am Glasgow Kickon Plc 12.00 pm London Medcom Ltd 03.00 pm Welling Patrolmaker (Plant Operators) Ltd 03.30 pm Bedford Print Manufacturing Co Ltd 03.30 pm London Richwood Construction Co Ltd 11.00 am Staverton Spiers & Rolfe Printing Ltd 11.15 am Bromley Tancarville Ltd 11.00 am St Albans Tradeteck Ltd 02.30 pm Manchester Windmill Graphics Ltd 11.30 am Bromley 10/10/2000 Anglia Commercial Equipment Ltd 11.00 am Cambridge Arena Software Ltd 11.00 am London Arnold Suddaby & Co Ltd 11.00 am Exeter Bastin Ltd 11.30 am Kingston-u-Tham Brand Managers Ltd 12.30 pm Southampton Cable Tech Services Ltd 11.00 am Chatham Cast Heat Ltd 10.15 am Leeds D Caldwell & Partners Ltd 11.00 am Glasgow Euro Acoustics Ltd 11.30 am Leicestershire Indigo Software Consultancy Ltd 12.00 pm London Informed People Co Ltd - The 10.30 am Oxford Intekne Ltd 11.30 am Preston L Marshall Contracts (D & B) Ltd 11.00 am London M P (Sales) Ltd 11.30 am Broughton Marathon Moulds Ltd 10.15 am Worthing Mirage Information Systems Ltd 11.30 am Guildford Modern Productions (Lindsey) Ltd 11.30 am Broughton Oakdale Printing Co Ltd 11.00 am Bournemouth Oceanlife.co.uk 12.00 pm London Parkcrown Products Ltd 02.30 pm Bournemouth Roachsound Agricultrual Contract Ltd 11.00 am Canterbury San Hawk Computers (UK) Ltd 11.30 am London Team Hire Ltd 11.00 am Edgware Vehicle Realisations Ltd 03.30 pm Nottingham Wildstock Ltd 11.30 am London 11/10/2000 Ace Equipment Ltd 10.30 am Southend-on-Sea Aerialmode Ltd 03.00 pm London B K Construction Ltd 12.00 pm London Beltlink Ltd 11.30 am Blackburn Computamagic Ltd 10.15 am Leeds Cookout Ltd 11.15 am Halsall Dubb & Sanger Associates Ltd 12.00 pm London Electro-Design Contracts Ltd 11.30 am Stanmore Food Service Systems Ltd 11.00 am London Frank Coupe & Co Ltd 12.00 pm Chorley Furgard Ltd 11.30 am Cambridge G S Johal & Co Ltd 11.00 am Leicester House of Shades Ltd - The 10.30 am Leicester Intertrading Europa Ltd 11.30 am Liverpool Montfords Transport (Leigh) Ltd 11.00 am Bolton Openmay Ltd 02.30 pm London Plexus (UK) Ltd 02.30 pm Richmond Quality Frames Ltd 11.00 am London Rusty Casualwear Ltd 03.00 pm London 12/10/2000 Alan Walkden (Haulage) Ltd 11.30 am Blackburn Excelda Conservatories Ltd 11.00 am Birmingham Fairbairns Shoes Ltd 10.30 am Newcastle-u-Tyn Graham Palin (Wholesale Meats) Ltd 10.30 am Liverpool Heritage Windows & Cons (E Anglia) Ltd 12.00 pm Bedford Leisurenet Ltd 11.30 am Hull Mayers Construction Ltd 02.30 pm Manchester Northern Tanker Services Ltd 11.30 am Liverpool One 2 One Mailing Services Ltd 02.30 pm Bristol Phone Mart Ltd 02.00 pm London Wholesale Flower Co Ltd - The 11.00 am Manchester Willis Brothers (Agricultural) Ltd 11.00 am Manchester Willow Environmental Systems Ltd 11.00 am Gosforth 13/10/2000 Autocam Ltd 11.00 am Birmingham Cable Street Art Factory Ltd 11.00 am London Call Line Systems Ltd 11.30 am Nottingham Unique Hospitality UK Ltd 11.30 am Winchester Wilsons od Ripon Ltd 10.30 am Harrogate Zedette Ltd 10.30 am Leicester 16/10/2000 Business Components Ltd 10.30 am Bromsgrove CVS Industrial Equipment Ltd 11.00 am Hale NH Haulage Ltd 11.00 am Deighton Plato Productions Ltd 03.00 pm Welling Total Graphics Ltd 11.00 am London Trafalgar Asset Management Ltd 12.00 pm London 17/10/2000 Beverley Star Ltd 03.00 pm Manchester Chilton Richards Electrical Supp Ltd 11.00 am Birmingham J W Rogers & Co Ltd 10.30 am Banbury M8 Messengers Ltd 12.00 pm Glasgow Palmstage Ltd 10.30 am Birmingham Prismcolour Direct Ltd 11.15 am London Skye Travel Ltd 12.00 pm London Visual Networks Ltd 11.00 am Abingdon
TW LW TW LW
USA 1.45 1.46 Canada 2.18 2.18
Austria 23.00 22.84 Portugal 335.15 332.79
France 10.96 10.88 Belgium 67.43 66.96
Finland 9.93 9.87 Italy 3236.99 3214,14
Germany 3.26 3.24 Sweden 14.27 14.12
Holland 3.68 3.65 Switzerland 2.54 2.53
Spain 278.15 276.20 Ireland 1.31 1.30
Australia 2.72 2.67 Denmark 12.45 12.57
Hong Kong 11.37 11.44 Euro 1.67 1.66
Africa Com 10.56 10.59 Saudi Arabia 5.47 5.50
India 67.23 67.70 Malaysia 5.54 5.57
Singapore 2.55 2.55 Norway 13.43 13.35
Japan 159.35 158.17
TW This week LW Last week.
Confirming the slowdown in PC sales, Dell Computer also issued a warning that its third-quarter revenues would be lower than expected. Dell's share price fell sharply on the news.
EMI has withdrawn its proposed merger with Time Warner in the face of regulatory objections by the European Commission. But the commission is expected to approve the separate AOL/Time Warner merger.
Vodafone, the UK's mobile-phone giant, revealed plans to invest $2.5 billion in China Mobile (Hong Kong), which, after a deal to buy seven mobile networks from its mainland parent, will become the world's second-largest operator (after Vodafone itself) in subscribers and coverage.
The London Stock Exchange said it was against sharing a trading platform with London's LIFFE derivatives market, insisting that its own system was up to scratch. It had earlier agreed to ditch the system in favour of Deutsche Borse's as a condition of its merger, now abandoned, with the German exchange. Portugal's bourse plans to join Euronext, a pan-European stock exchange that may yet bid for the LSE.
Source - The Economist
Ambient, announced a 5.1 million loss on turnover of 4.02 million for the six months ending 31st July 2000.
RTS Networks announced a 4.98 million pound loss on turnover of 2.48 million, for the seven months ending 30th June 2000.
NXT the sound technology company, announced a 20 million pound loss, after exceptional charge, on turnover of 13 million, for the year ending 30th June 2000.
Oasis Stores announced a 2.9 million pound profit on turnover of 63.2 million, for the six months ending 29th July 2000.
MERGER CLEARANCE
The Secretary of State for Trade and Industry has decided, on the information at present before him, and in accordance with the recommendation of the Director General of Fair Trading, not to refer the following merger to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Proposed acquisition by Anglian Water plc of Morrison plc
Proposed acquisition by Nomura International plc through Carmelite Acquisitions Ltd of First Quench Retailing Ltd
BYERS CLEARS THE PROPOSED ACQUISITION OF WOOLWICH BY BARCLAYS
Stephen Byers, Secretary of State for Trade and Industry, announced last week that he has decided not to refer the proposed acquisition of Woolwich plc by Barclays plc to the Competition Commission.
Mr Byers made his decision in accordance with the recommendation of the Director General of FaiTradingng (DGFT).
Announcing his decision, Mr Byers said:
"The DGFT has advised me that this merger does not raise concerns which would warrant reference to the Competition Commission under the provisions of the Fair Trading Act 1973.
"The banking sector is of central importance in its own right and for the economy as a whole. I have considered the DGFT's advice carefully, and am persuaded that the merger will not raise competition or other concerns that would warrant a reference. The parties face substantial competition from other institutions. I have therefore decided not to refer this merger."
KIM HOWELLS REFERS PROPOSED ACQUISITION OF MYSON PUMPS BY GRUNDFOS TO THE COMPETITION COMMISSION
Kim Howells, Competition and Consumer Affairs Minister, has decided to refer the proposed acquisition of certain assets of Baxi Partnership Limited, namely its pumps manufacturing business (Myson Pumps), by Grundfos Holding AG to the Competition Commission under the provisions of the Fair Trading Act 1973. Dr Howells' decision is in accordance with the advice of the Director General of Fair Trading (DGFT).
Announcing his decision, Dr Howells said:
"I have carefully considered the DGFT's advice and agree with him that the proposed acquisition of Myson Pumps by Grundfos raises competition concerns in the market for water circulator pumps for domestic heating and ventilation systems. Therefore I am referring the case to the Competition Commission so that it can be fully investigated."
The decision to make a reference does not in any way prejudge the question of whether or not the proposed acquisition would be against the public interest. It is for the Competition Commission to report on this after investigation. The Commission are to make their report by 15 January 2001.
PROPOSED ACQUISITION BY C3D AND RHONE CAPITAL LLC OF GO-AHEAD GROUP PLC
Kim Howells, Minister for Competition and Consumer Affairs, has decided, in accordance with the advice of the Director General of Fair Trading, to request the European Commission to refer to the UK authorities under Article 9 of the EC Merger Regulation the proposed acquisition of the Go-Ahead Group plc by Caisse des Depots Developpement SA (C3D) and Rhone Capital LLC. This is currently being considered under the EC Merger Regulation.
Dr Howells said:
"The Director General of Fair Trading has advised that the proposed merger raises competition concerns in a distinct market in the UK which warrant further investigation. I agree and am therefore requesting the European Commission to refer the case to the UK."
If the Commission refers this merger to the UK authorities, it will be considered under the merger provisions of the Fair Trading Act.
The proposed concentration between C3D, Rhone Capital and Go-Ahead was notified to the European Commission on 8 September 2000 under the terms of the EC Merger Regulation (Council Regulation 4064/89 as amended). In accordance with Article 19 of the Regulation, the UK received a copy of the notification on 12 September 2000.
Under Article 9(2)(a) of the EC Merger Regulation a Member State may inform the European Commission that a merger threatens to create or strengthen a dominant position as a result of which effective competition will be significantly impeded on a market within that Member State which presents all the characteristics of a distinct market.
If the Commission agrees with the Member State's assessment it can either:
(a) deal with the case itself in order to restore effective competition on the market concerned; or
(b) refer the whole or part of the case to the Member State in question with a view to the application of the Member State's competition law.
The UK has previously made nine Article 9 requests to the Commission for a case to be referred to the UK authorities. These requests were in the cases of Interbrew SA/Bass Holdings Ltd (2000), Nabisco Group Holdings Corp/United Biscuits (Holdings) plc/Horizon Biscuit Company Ltd (2000), Hanson plc/Pioneer International Ltd (2000), Anglo American plc/Tarmac plc (1999), Exxon Corporation/Mobil Corporation (1999), Electricite de France/London Electricity plc (1999), Redland plc/Lafarge SA (1997), GEHE/Lloyds (1996), Tarmac/Steetley (1992).
E-Minister Patricia Hewitt announced on the 5 October funding for seven leading-edge IT projects (subject to contract) to combat fraud and protect security and privacy.
The projects include electronic solutions to crime prevention in the retail trade; detection of insurance fraud; and effective counter-measures to theft by employees.
The Government's MI programme is funded jointly by DTI (£4.5 million) and two Research Councils - Engineering and Physical Sciences Research Council (EPSRC) and Economic and Social Research Council (ESRC) jointly contributing (£3.3 million). Participating companies will provide matching funding, making a total of some £15 million.
The programme has the additional support of the Home Office and the Defence Evaluation Research Agency (DERA.) The Management of Information web site is located at: http://www.dti-mi.org.uk
Ms Hewitt said:
"Businesses are continually at risk from fraud and crime. Electronic systems can be vulnerable to hackers and other criminals. These projects will help to safeguard businesses against IT crime."
Ms Hewitt will also launch a new website, 'Security at Work.' The website will offer advice to businesses on developing effective measures to counter fraud and improving the security of their electronic systems. It will particularly target the financial, retail and distribution sectors of the economy.
The website ( http://www.securityatwork.org.uk ) contains the latest information on security issues, technologies, sources of new products, events and useful links. It will be supported by a series of brochures including:
Ms Hewitt will also formally announce the third and final call for project submissions under the current phase of the Management of Information Programme. Outline proposals will be required by mid-December, with invitations for full proposals to be issued in early February 2001. Full details and an application form can be found on the MI website: .www.dti-mi.org.uk
The seven projects, subject to contract, are:
The Management of Information (MI) programme is aimed at companies in the Information Technology and Communications sectors who wish to collaborate with an academic partner to develop technologies and systems for the control of fraud and improvement of security and privacy.
The 'Security at Work' brochures can be ordered online http://www.securityatwork.org.uk or by phoning 01483 574 996.
Businesses can obtain further information can be obtained from Gerry Mogg MI Programme Secretariat, Communications & Information Industries Directorate, Department of Trade and Industry, 2nd Floor, Red Core, 151 Buckingham Palace Road, London SW1W 9SS. Tel: 020 7215 1390 Fax: 020 7215 1966 Email: gerry.mogg@ciid.dti.gov.uk or Stan Price Research Programme Co-ordinator, Management of Information Programme, Price Project Services Ltd., 23 New Mount St., Manchester M4 4DE Tel: 0161 953 4026 Fax: 0161 953 4001 Email: stan@ppsl.u-net.com
Monday 16 October Wessex Branch of the ICM Grant Thornton Workshop Evening Sponsored by Grant Thornton The Southampton Royal Yacht Club 7.00pm for 7.30pm Refreshments Tuesday 17th October 2000 Chilterns Branch of the ICM Insolvency Reform and Corporate Restructuring To be held at Kodak, Hemel Hempstead 6.30 for 7.00pm Friday 20 October 2000 Millennium Annual Dinner of the ICM Drapers Hall, City of London. Monday 13 November Wessex Branch of the ICM Annual Quiz Night Sponsored by ICC Information Ltd The Southampton Royal Yacht Club 7.00pm for 7.30pm Refreshments Friday 24th November Chilterns Branch of the ICM Annual Dinner Your Branch Committee invites you and your Colleagues, Suppliers or Customers to a formal Dinner, a Speech and Toasts by our Special Guest Speaker. This Years sumptuous occasion is at Putteridgebury near Luton, one of the most beautiful of locations in the branch area. Tickets : #30 Per member, #50 Member & guest or A corporate table for the modest price of #275.00 For details, tickets & Table reservations please contact: Jennifer Scott 01992 553931, Stuart Hopewell 020 7465 5908, # = pounds sterling If you have an event coming up which is credit management related and you would like us to make an entry in the Diary section please e-mail the details to jarnold@creditman.co.uk.
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